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Marketing Management_MARKET SEGMENTATION

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MARKET SEGMENTATION:

MARKET SEGMENTATION BY- SUNIT KUMAR MISHRA

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CONCEPT AND DEFINITION The concept of market segment is based on the fact that the market of commodities are not homogeneous but they are heterogeneous. Market represent a group of customer having common characteristics but two customer are never common in their nature, habits, hobbies income and purchasing techniques.

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According to Philip kotler , “ Market segmentation is sub-dividing a market into distinct and homogeneous subgroups of customers, where any group can conceivably be selected as a target market to be met with distinct marketing mix.”

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Market Segmentation is a method of “dividing a market (Large) into smaller groupings of consumers or organisations in which each segment has a common characteristic such as needs or behaviour.”

Henry Ford epitomized this strategy when he offered the Model- T Ford in one colour , black.:

Henry Ford epitomized this strategy when he offered the Model- T Ford in one colour , black.

LEVELS OF MARKET SEGMENTATION:

1. SEGMENT MARKETING:

1. SEGMENT MARKETING Consists of a group of customers who share a similar set of needs and wants. Identifiable Group with in a Market with Similar Wants Purchasing Power Geographical Location Buying Attitudes

FLEXIBLE MARKET OFFERING:

FLEXIBLE MARKET OFFERING Even in segments 100 % needs are not same – consists of two parts Naked Solution :- products and services that all members of the segment values. Discretionary options :- that some segment members value. Each option might carry an additional charge. Example: Automobile industry – basic model is same but for A.C , power steering, power window buyer

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Market Segments can be defined in many different ways. One way to carve up a market is to identify Preference segments Suppose ice cream buyers are asked how much they value sweetness and creaminess as two product attributes. Three different patterns can emerge.

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Homogeneous preference : where all the consumer have roughly the same preferences. We would predict that existing brand would be similar and cluster around the middle of the scale in both sweetness and creaminess. Diffused preference : consumers vary greatly in their preferences Clustered preference :

GEOGRAPHIC SEGMENTATION:

GEOGRAPHIC SEGMENTATION Divide the market into different group based on : Region – South India , North , Western Region, East City – metro cities, cities with population more than 1 million World Density Climate States Ex.- Mcdonalds globally, sell burgers aimed at local markets, for example, burgers are made from lamb in India rather then beef because of religious issues. In Mexico more chilli sauce is added and so on.

DEMOGRAPHIC SEGMENTATION:

DEMOGRAPHIC SEGMENTATION

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As people age their needs and wants change, some organisations develop specific products aimed at particular age groups for example nappies for babies, toys for children, clothes for teenagers and so on. Gender segmentation is commonly used within the cosmetics, clothing and magazine industry. In the UK we have also seen the introduction of Maxim, (www.maxim-magazine.co.uk) a male lifestyle magazine covering male fashion, films, cars, sports and technology. \

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Income segmentation is another strategy used by many organisations . Stores like Harrods, Harvey Nicohals are predominantly aimed at the affluent market. Daewoo aim their vehicles at price sensitive buyers who require a bundle of benefits for the price. In today's globally competitive environment brands are specifically developed and positioned within particular income segments inorder to maximise turnover. Products and services are also aimed at different lifecycle segments . Holidays are developed for families, the 18-30's singles, and for those in their 50's.

PSYCHOGRAPHIC SEGMENTATION:

PSYCHOGRAPHIC SEGMENTATION

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Lifestyle groups Yuppie Associations Mobile High valued house/flat Good Salary Young branded car. Third Agers Associations. 50's Retired early from profession. Time to spare Adventure Seekers